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Get outside of the “box” for right times to buy real estate

Are you ready to turn the “worst times for home buying into the best time for your successful real estate transaction?”
Get outside of the traditional” box” of right times to buy and you’ll deal with sellers who are very committed to selling real estate and mortgage professionals able to give you their full attention and less competition for good-value listings.
Motivated sellers understand why they benefit from taking offers to purchase seriously and take the time to explore how they may be able to work with the buyers.
There’s a practical side too. Viewing property at “the worst time” can tell you a lot about what you can really expect from a property:
1. Visit a house during a hard rain and you will see how well the property sheds and drains water away from the foundation.
2. Drive by houses after a fresh snowfall and you’ll discover which are well insulated (snow on roof) and which are losing heat (melted snow).
3. Tour a house on a windy day and drafts, insufficient insulation, and poorly-sealed windows and doors will be revealed.
4. Spend time in a house on a cold day and study how well the furnace heats the whole house.
Please contact us at Snow Pond Realty if you are ready to make this the best time of the year to purchase real estate. Work with our professionals to help you in your research and purchase of your perfect house .
excerpt from Realty times..

What do you want and need in a home?

Finding a new home can be very exciting but also very challenging. When making decisions regarding your new home, many buyers make compromises between what they want and what they need. Working with your Accredited Buyers Representative (ABR) to help sort out your options and prioritizing your preferences will go a long way toward meeting your goal of finding the perfect home for you.
Following is a list of Basic Features to consider:
* Basic home feature, a single family, detached, townhouse, vacation home.
* Desired number of bedrooms and baths.
* Home layout.
* High priority features such as waterfront owned or shared.
* Special use rooms such as office or exercise room.
* Storage spaces
* Garage, parking spaces.
Other Home Preferences:
* Age and style of home.
* Importance of energy efficiency or green features.
Neighborhood/Location
* Commuting distances.
* Proximity to desirable features such as recreation, schools.
* Views
Lot Characteristics
* Size and shape.
* Landscaping
* Home orientation.
Life at Home
* How will all members of your household impact housing preferences?
* Proximity to neighbors.
Related Costs
* Homeowner Association fees.
* Property taxes.
* Insurance including flood insurance.
Trade-Offs
* How much do you want to invest in a home beyond the purchase price either financially or in sweat equity?
* Are you able to consider other neighborhoods that provide better affordability?
Resale
* Does the length of time that you plan to own a home impact the type of home that you will buy?
Supplying the answers to some of these questions will help you to work successfully with your ABR Realtor..

What is a buyer’s agreement and do you need one?

It is a perfect time to be a buyer. Today’s market offers many choices and interest rates are at an all time low. Maybe you have started looking on line and called a few Realtors for information. Perhaps you have even looked at a few properties with a Realtor. You may have been asked by a Realtor to sign a buyer’s agreement. What is this form? Why should you sign it?

A Buyers Representation Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services that you will receive.

By signing a buyer’s agreement you can expect to receive a higher level of service. When you enter into an agreement you are no longer a customer (receiving limited service) but become a client (receiving the highest level of service).

You get more without paying more. In almost every case, home sellers have already agreed to pay a buyer’s agent’s commission. While buyers rarely pay real estate commissions, this is an important detail you will want to discuss with your buyer’s rep and clarify in their representation agreement.

A Buyer’s Representation Agreement clarifies expectations. Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent.

When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience..

What about buying a foreclosure?

It is a sad fact of the real estate market that there are many pre-foreclosures, foreclosures and short sales out there to choose from. While noone wants to see a homeowner lose their home, these properties offer unique opportunities for buyers.

Questions that you need to ask yourself before pursuing these types of properties:
1. Are you flexible on timing? Can you make a quick decision and accomodate months of possible delay?
2. Is your purchase contingent on selling your home? Banks want a clean offer with few or no contingencies.
3. Have you already secured financing? If you have, the bank considers you a strong and serious buyer that has done the initial footwork required to purchase a home.
4. Do you have resources to rehab and repair a property, if needed?
5. If you are buying a property for investment purposes, what is your action plan? Rent or re-sell or inhabit the property yourself?

Foreclosure is a process that can offer buying opportunities at each stage.
Stage 1- Pre-foreclosure sale is a period of time that begins with the initial mortgage default and ends when the property is sold.
Stage2- Foreclosure sale is when the property is auctioned off to the highest bidder that also meets the terms of the sale.
Stage 3- REO (Real Estate Owned) is real estate that did not sell through foreclosure and is transferred to the lender.

What is a short sale?
This is a situation in which the seller owes more on their loan than a sale on their property will produce, and they are unwilling or unable to make up the difference at closing. The seller may or may not be in foreclosure. Banks may consider a short sale to a new buyer. Foreclosures are very expensive for banks that need to hire attorneys, property managers and other professionals. Accepting a short sale enables the bank to cut their losses.

Your ABR buyers representative can help you in this process, especially if your Realtor also has the training and experience in these types of sales indicated by an SFR designation..

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